Pandemic led to losses of $42M for Iowa athletics in '20-21

The Univ. of Iowa athletics department “operated at a deficit" of nearly $42M in the ‘20-21 academic year, according to Chad Leistikow of the DES MOINES REGISTER. That gap between expenses and revenue is “much higher” than many of Iowa's Big Ten rivals and “has contributed to sending Iowa’s total athletics debt” to more than $256M. With no fans in the stands due to the pandemic, Iowa’s revenues “plummeted to a shade under $74.8 million” in FY ’21. Financial contributions fell by $24M -- from $36.2M in FY ’20 to $12.2M in FY ’21. Iowa Athletics CFO Greg Davies said the drop was "largely due to a reduction in seat contributions and premium seating income" at Kinnick Stadium. Iowa’s media-rights revenue “dipped by $10 million, year over year.” Empty stadiums and arenas “accounted for a direct revenue loss” of more than $51M. In total, Iowa reported $116.75M in expenses in FY ’21 vs. $149.1M in FY ’20. As of yesterday, six public-school NCAA reports of Big Ten universities “had been obtained.” Iowa’s net deficit of $42M in FY ’21 “was the largest of the group” (DES MOINES REGISTER, 1/26).

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